Daily Oil, Gold, Silver Technical Analysis February 17, 2017

Gold ready for new higher high


Bullishness in gold continues as it broke above the previous bullish candlestick formed after it tests the $1,200 – $1,220 area. This bounce put the price closer to $1,250 resistance level, if the bullish momentum continues, it might move toward $1,280 – $1,300 area.

Today critical level to watch:

Support: $1,220, $1,200, $1,184, $1,180, $1,166

Resistance: $1,250, $1,280 – $1,300

Silver slowly creep higher toward resistance

The bull needs to be cautious as silver moving near its trendline resistance. It is either break or rejection at the current level. For a while, traders could lock in profit and wait for confirmation either to close all position or place a short position.

Today critical level to watch:

Support: $18.00, $17.50, $17.20, $17.00, $16.75

Resistance: $18.50

Crude oil another bounce

More bounce from triangle support for crude oil and give bullish trader more opportunity to take profit. The price expected to continue its movement inside the triangle pattern. If the price break lower, it needs to clear $51.22 previous extreme low to cancel bullish outlook.

While the trend is bullish, it is possible for big traders to shake away weak long before a bullish breakout.

Today critical level to watch:

Support: $52.40, $51.93, $50.50, $50.00, $49.60

Resistance: $54.50, $55.00

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